Financial Services

A PERFECT LOCATION FOR FINANCIAL SERVICES

A highly-educated workforce and a strategic location just minutes from Wall Street have helped make New Jersey a top choice for financial services companies.

Many of the world’s leading companies have headquarters or significant operations here, including 12 of New Jersey’s top 75 employers. In fact, with 11,420 business establishments employing nearly 179,000 workers, the financial services and insurance sector is a major force in the State’s economy, contributing more than $31 billion annually.

New Jersey also has become an attractive location for companies in the emerging Financial Technology (FinTech) industry, a fast-growing sub-sector that utilizes technology to deliver next-generation banking, credit and investment services. Today, 4 of the world’s top 100 FinTech companies are headquartered in New Jersey.

HIGHLY EDUCATED, HIGHLY TALENTED

Ask financial services executives why they set up shop in New Jersey and chances are, they’ll answer in one word: talent. Our State has one of the most highly-educated workforces in the world.

New Jersey’s college-educated workforce well exceeds the national average – 40% hold a Bachelor’s degree and 16% have a graduate or professional degree.

The steady annual stream of talent matriculating from New Jersey’s colleges and universities enables companies to recruit industry-ready graduates each year. More than a dozen universities offer Bachelor degrees in finance. These include: Fairleigh Dickinson University, New Jersey City University, Rutgers University, Stevens Institute of Technology and Thomas Edison State University.

Other institutions such as Fairleigh Dickinson, Stevens, Princeton University, and others offer advanced academic degrees in Finance. Stevens was the first university in the nation to develop a PhD program in the highly-specialized field of Financial Engineering. Today, its Financial Systems Center (FSC) and the Hanlon Financial Systems Lab are teaching grad students the necessary knowledge and skills to meet the evolving demands of the FinTech industry.

For us, it’s all about the talent, and New Jersey’s got it. Great client servicing means great business."

Linda Bowden New Jersey Regional President, PNC Bank

PERFECTLY LOCATED, APPEALINGLY AFFORDABLE

What’s drawing financial services companies to settle in New Jersey? Less expensive – but prime – real estate, plus lower costs for utilities, corporate taxes and living expenses than neighboring states. New Jersey’s strategic location in the middle of the U.S. Northeast Corridor is also a persuasive attraction for financial services companies looking to locate their headquarters, operations centers and data facilities. Jersey City, just across the river from Wall Street, has become an up-and-coming location for banking and investment firms – including JPMorgan Chase and RBC Capital.

A WORLD-CLASS BROADBAND NETWORK

New Jersey boasts one of the most extensive fiber optic networks in the world, which helps support the financial industry’s high-speed communications needs. In addition to connectivity, more than 99% of New Jersey companies can access wired broadband speeds of 100 mbps or faster – among the fastest in the U.S.

It’s no wonder New Jersey has the second largest concentration of data centers in the nation. More than 100 in Northern Jersey alone house the servers that have become the lifeblood of high-speed electronic trading. Financial exchanges such as the NYSE and its competitor NASDAQ OMX now process the vast majority of their trading information in server farms in New Jersey.

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FOR BROADBAND ACCESS

Source: US News & World Report, 2018

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MOST CONNECTED STATE

Source: Broadbandnow.com, 2020

RESOURCES TO SUPPORT GROWTH

Qualified financial services companies can access a number of attractive incentives and workforce development programs to help them grow in New Jersey.

Resources

New Jersey Labor and Workforce Development – Financial Services

WHAT CAN CHOOSE New Jersey DO FOR YOU

Relocation & Expansion Services

We provide customized RFI responses, demographics, detailed market assessments and other complimentary business relocation and expansion services. When your company chooses to grow in New Jersey, we also will help you publicize your good news.

Site Visits

We’ll make your property search seamless, so you find the site that best meets your relocation or expansion needs.

Economic Development Connections

Our public and private partners provide a wide range of services. From higher education research collaboration to regulatory and legal assistance to workforce training, they’ll ensure you have a smooth landing.